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March 28, 2024  
 
 
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We Needed a Small Business Loan in Palo Alto, California and We Got One!

 

 
Loan Census SBA Loan Info

Borrowing Money for Personal Services

Looking for bank loans for personal services? Try the SBA. This $75,000 personal services loan was issued by a California bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Palo Alto, California was able to borrow $75,000 from Heritage Bank Of Commerce. The SBA made the loan possible by guaranteeing $63,750 of this California small business loan.

SBA Loan Borrower

COMPANY TYPE: PERSONAL SERVICES
PALO ALTO, CA 94306

SBA Loan Lender

HERITAGE BANK OF COMMERCE
150 ALMADEN BLVD
SAN JOSE, CA 95113

This loan for a small business was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812990 - Personal Services

Loan Approval Date

5/16/2006

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $63,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the SBA funding recipient promised to use the money to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Heritage Bank Of Commerce and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

Related Links:

How Equity Dilution Works

SBA 7A Banks in San Jose, California

Getting an SBA Loan in California